Live Mcx Trading Tips; Gold holds above $1,200

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Gold held above USD 1,200 an ounce on Tuesday, retaining most of its sharp overnight gains following a bout of profit-taking in the dollar, but optimism over the US economy and possibility of higher rates kept investors wary. Spot gold slipped slightly to USD 1,203.30 an ounce by 0249 GMT. It had jumped 1.3 percent on Monday in its biggest one-day gain in two months as physical buyers and bargain hunters lent support following earlier lows.

Markets were also eyeing the return of Chinese buyers on Wednesday. China, the top buyer of gold, has been away since the beginning of the month for its National Day holiday. Strong buying from China could potentially boost prices. Among other precious metals, silver slipped 0.2 percent, tracking gold. Platinum and palladium jumped for a second straight day.
Brent crude, the benchmark for half of the world's traded crude oil, will enter a bear market if it slips another $1 a barrel from the current levels. It is down more than 19% from this year's highest settlement of $115 a barrel on June 19. According to technical analysis parameters, a 20% decline from the peak is perceived as the start of a bear market.